Twin Disc, Incorporated announced that its Board of Directors has approved an amended and restated omnibus incentive plan to increase the number of shares available for awards. The company's Compensation Committee also approved revised compensation for its CEO and CFO, including salary increases, new bonus targets, and significant equity grants.
Key Details
- Omnibus Plan Update: The number of shares available under the Amended and Restated 2021 Omnibus Incentive Plan was increased by 700,000 to a new total of 2,336,550. This change is subject to shareholder approval by August 5, 2027.
- Executive Salary Increases: Effective October 1, 2026, base salaries for CEO John H. Batten will increase by 4.0% to $740,554, and for CFO Jeffrey S. Knutson by 4.0% to $454,480.
- FY 2027 Bonus Targets: Target bonuses were set at 100% of base salary for the CEO and 60% for the CFO, based on metrics including net sales, EBITDA margin, and operating cash flow.
- New Equity Awards: On August 5, 2026, the company granted new restricted and performance stock awards to its named executive officers. The CEO was granted 18,756 restricted shares and a target of 28,135 performance shares. The CFO was granted 8,734 restricted shares and a target of 13,100 performance shares.